Self employed - multiple businesses and aborted startup

Iwlass

I've been self employed for about 5 years, and for three of those, have been running two small businesses (below the VAT threshold), which have been detailed separately on my self assessment form. The accounts are kept separate etc.

3 months ago, I closed one of the businesses, and have spent time (and money) working on a new start-up - which unfortunately, I decided not to proceed with at the last minute due to a number of changes in both personal circumstances and business climate. The remaining business will continue to trade.

Can I/should I declare any of the pre-trade expenditure on the aborted start-up business on my next self-assessment tax return? None of it was capital expenditure - it was mainly legal expenses, domain registration, design work etc.

Thanks

Suarez

If you never traded there never was a business so no you can't.

Mistral001

Can any items that you bought for the aborted business be used for the other the businesses?. Since you are a sole trader, you would have been buying items for the aborted business under your own name anyway so the paperwork would be still valid for the other businesses I should have thought.

colino

You are self-employed and as such have a number of business activities, some work, some don't. If you have been doing it for 5 years I think you need a session with an accountant to explain how quite readily, legitimate business expenditure can properly be accounted for.